Published on: 2024-04-18
EBC Forex Snapshot, 18 Apr 2024
The dollar softened on Thursday but pressures on other currencies barely went away. A string of hot data squashed the view that the Fed to start cutting rates in June.
US economic activity expanded slightly from late February through early April and firms signalled they expect inflation pressure to hold steady, a Fed survey showed on Wednesday.
The euro was largely unchanged above its five-month low. ECB President Christine Lagarde said the central bank remains on course to cut interest rates in the near term, subject to any major shocks.
| Citi (as of 15 Apr) | HSBC (as of 16 Apr) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0517 | 1.0865 | 1.0529 | 1.0800 |
| GBP/USD | 1.2337 | 1.2709 | 1.2342 | 1.2628 |
| USD/CHF | 0.8999 | 0.9148 | 0.9023 | 0.9178 |
| AUD/USD | 0.6443 | 0.6668 | 0.6360 | 0.6583 |
| USD/CAD | 1.3478 | 1.3855 | 1.3576 | 1.3896 |
| USD/JPY | 150.88 | 153.39 | 151.90 | 155.54 |
The green numbers in the table indicate that the data has increased compared with the previous time; the red numbers indicate that the data has decreased compared with the previous time; and the black numbers indicate that the data has remained unchanged.
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